Which of the following is NOT true about a joint and survivor annuity benefit option?

The statement that payments stop after the first death among the annuitants is not true regarding a joint and survivor annuity benefit option. A joint and survivor annuity is specifically designed to provide ongoing payments until the death of the last surviving annuitant. Therefore, after the first annuitant passes away, the payments continue to the surviving annuitant for the remainder of their life.

This structure is particularly beneficial for couples or partners, as it ensures that one member does not lose financial support upon the death of the other. The payments typically remain at a predetermined level or may adjust based on the specific terms of the contract, but they will not cease upon the first death. The other statements reflect aspects of joint and survivor annuities that are true: payments indeed continue for the life of the surviving annuitant, benefits may be adjusted for inflation depending on the contract, and while both annuitants are alive, they can often receive the full benefit amount.